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IKAN > SEC Filings for IKAN > Form 8-K on 21-Mar-2014All Recent SEC Filings

Show all filings for IKANOS COMMUNICATIONS

Form 8-K for IKANOS COMMUNICATIONS


21-Mar-2014

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Stand


Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On March 18, 2014, Ikanos Communications, Inc. (the "Company") received notification from The NASDAQ Stock Market LLC ("NASDAQ") indicating that the Company is not in compliance with Nasdaq Marketplace Rule 5550(a)(2), which Rule provides that securities listed by NASDAQ must maintain a minimum closing bid price of $1.00 per share and that based upon the closing bid price for the Company's securities for the last 30 consecutive business days, the Company no longer meets this requirement.

NASDAQ further notified the Company that, in accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), the Company will be provided 180 calendar days, or until September 15, 2014, to regain compliance by achieving a closing bid price of the Company's securities of at least $1.00 per share for a minimum of ten consecutive business days at any time during the 180 calendar day period. However, there can be no guarantee that the Company will be able to regain compliance with the continued listing requirement of Nasdaq Marketplace Rule 5550(a)(2) within the 180 calendar day period.

In the event the Company does not regain compliance by September 15, 2014, NASDAQ also notified the Company that it may be eligible for a second 180 calendar day compliance period provided that the Company continues to meet the continued listing requirements of NASDAQ, with the exception of the bid price requirement, and provides written notice of the Company's intention to cure the deficiency during the second 180 calendar day compliance period. Even if granted a second 180 calendar day compliance period, there can be no guarantee that the Company will be able to regain compliance with the continued listing requirement of Nasdaq Marketplace Rule 5550(a)(2) within the second 180 calendar day compliance period.

The Company intends to actively monitor the closing bid price for its securities through September 15, 2014 and, during this period, will weigh its available options to resolve the deficiency and regain compliance with Nasdaq Marketplace Rule 5550(a)(2).


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